Bitcoin Breaks Below Multiple Technical Supports, Faces Further Downside
Bitcoin has recently fallen below its 200-day moving average and several on-chain valuation support levels, breaching widely watched defenses for its medium- to long-term trend and holders’ cost basis. These indicators have often been viewed as dividing lines between bull and bear markets. Losing them simultaneously could trigger stop-loss selling and deepen investor concerns that the bear market will persist.
The latest price action shows Bitcoin entering a “technical no man’s land,” with major support levels far below and no clear near-term level for buyers to step in. The reports did not specify the observation date or the research firm behind the analysis. Based on historical bear-market drawdown patterns, however, Bitcoin could fall further to about $45,000, the next potential bottoming zone.
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The history behind this eventBitcoin Breaks Below $58,000 as Technical Analysis Warns of Slide to $54,000
Bitcoin has lost both the psychological $60,000 threshold and support at $58,000, signaling weakening demand from buyers. Technical analysts say breakdowns from both a rounded top and a bear flag suggest the market may be shifting from consolidation into a decline, with implications for risk appetite across the broader cryptocurrency market.
The latest wave of selling has erased Bitcoin's gains for June, with the drop to $58,000 confirming a technical breakdown. Market analysts expect the price could test $54,000 over the coming days. If that level also fails to hold, the decline could extend below $50,000.
Bitcoin Loses $78,000 and Breaks Below Two Key Onchain Metrics, Raising Risk of Further Decline
Glassnode defines the True Market Mean as the average acquisition cost of actively circulating Bitcoin, while the Short-Term Holder Realized Price reflects the cost basis of investors who have held the asset for less than 155 days. The metrics stand at about $78,000 and $79,200, respectively, and are important gauges of bullish and bearish market conditions. Falling below them could intensify selling by underwater investors and increase the risk of consolidation.
Bitcoin reversed course after breaking above $79,200 on April 22 and fell as low as $77,686. It remained capped below $80,000 as of May 21. Capriole Investments data showed Apparent Demand falling to negative 3,138 BTC, a four-month low, while Glassnode updated the True Market Mean to $78,300. Analysts warned that Bitcoin could fall to $65,000 if it fails to reclaim $78,000.
Bitcoin Price Pattern Signals Crash Risk, Analysts Warn of Slide to $60,000
CoinDesk analysis found that Bitcoin formed a narrow ascending channel between November 20, 2025, and January 20, 2026, before breaking below support and plunging from about $90,000. It came close to $60,000 at its February 6 low. The current rebound is showing a similar structure, suggesting limited buying on dips. Whether Bitcoin can hold the channel’s lower boundary will be critical in determining if bearish selling pressure intensifies.
Bitcoin consolidated near $67,000 on April 5 as its four-hour Bollinger Bands narrowed. Trader LP said a decline to $60,000 was only a matter of time. Material Indicators co-founder Keith Alan said a TWAP bot on Binance sold $18 million in one hour, far above its usual daily volume of $3 million to $5 million.
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